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Students: Now that most of you have atleast a basic working knowledge of our economic system (it’s positives & negatives) as a result of your recent assignments, discussion questions, etc., it’s time to expand your knowledge and perceptions of other planned economies. Refer to your textbook (or other sourses) to obtain a thorough comprehension of the features of each economic system: Capitalism, Communism, Socialism, Mixed Economy.

Discussion Question: After considering the characteristics of each alternative economic system coupled with your recently expanded knowledge of our capitalistic economy, discuss the advantages and disadvantages of these systems and which one would best serve the needs of the American people in general. Be very explicit with your answers and opinions.

Special Note: Remember, you will be heavily graded on your discussion questions. I still expect well-thoughtout responses and 100% interaction among you and your classmates. I expect a minimum of 8 posts per student.

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Capitalism is the part of economic systems where productions are owned and managed by private individuals and institutions. Economic individualism is when the individuals are the one to decide what and how much to produce and distribute. They are able to use any technique of production and produce anything they like. In this economic system, State is to take care of only internal and external security of the country. In the “Capitalism” world i feel businesses are owned by capitalist and employees have to work in order to survive. There are three individual economic systems that all have their advantages and disadvantages. The three systems are Communism, Socialism and Mixed Economy.

Communism contrast from socialism, though the two have similarities. Communism has a few Advantages and Disadvantages, Beginning with equality. In a communist society, everybody is equal and no one is left alone. That is, no social class is better than the other because there is no social class system at all. All the resources of a country like property are under the control of the state and governed by a group that represents the masses. Citizens have the peace of mind that all the people are equal. communism is the access it gives to people when it comes to attending school and given medical attention. This is because in this type of ideology, even the poorest people can attend schools and provided with health care. It also minimizes unemployment because everybody gets equal opportunities. Since the government owns and controls the businesses as well as everyone’s money to be spent for production costs, there is no business competition and no manufacturer is better than the other. This means manufacturers can only produce limited number of goods. In a communist society, the government has the power to dictate and run the lives of people. Although its goal is one of equality, there is basically less or no personal freedom at all to criticize the government or demand for changes. there is no freedom of speech and whoever goes against the government can be subjected to punishments. Another Disadvantage of communism is the fact that entrepreneurs cannot expect to make more money than the others. As opposed to a free market economy, the command economy which is practiced by most communist countries ties the hands of business people.

Socialism is a type of economic system that is controversial all around the world. In a socialist society the government owns all of the industries, which means that they have control over them as well. They determine prices, amount of production that happens, and just about everything else that has to do with the economy. The main goal of socialism is to bring equality to the people, help manage the uneven distribution of wealth, and take away the class divide. A Advantage of socialism is that everyone’s needs are completely met. Health care is universal, education is free, food is supplied, as well as clothing and other necessary items to live. This is great for the entire society because it helps to reduce poverty. Goods are also mobilized, With socialism the government has full control of all of these things and can easily mobilize them to the areas that need them the most. Many of the disadvantages involving socialism is that the government has too much control and doesn’t let anything or anyone have things to themselves. With the government being in control of certain industries and facilities, people feel that they are dictated upon on how to live their lives, where they live and how much they should be paid for their services and goods. Socialism centers on common ownership and this can either go for or against the people in a society or nation. Furthermore, when it comes to mixed economy. This is the type of system where all activities in production, as well as those performed by private and government entities, blends capitalism with various kinds of regulations. The mixed economy protects private property, allows the free market and the laws of supply and demand to determine prices. and is driven by the motivation of the self-interest of individuals. These are good advantages but also has some disadvantages.The government invest more and get funds largely from tax revenues. More taxes would be required from the people, which can lead to negative consequences. In my opinion the United states has falls more on the mixed economy side. The Mixed economy involves freedom of choice, private property rights, self interests etc. You find much more of this in the U.S along with the governments control.